Once you have decided on a suitable property, ask your estate agent to explain the sales process to you if you are not 100% certain. Discuss the possible transaction with him/her and ask as many questions as possible about the property, the costs involved, as well as how to make an offer and the process once the offer has been accepted. The estate agent will discuss and complete the contract with you in detail, thereafter it will be presented to the seller for acceptance. Everything agreed upon between you and the seller must be in writing on the contract. Verbal offers bear no legitimacy.
First time home buyers will generally use their expendable income to determine their type of home and area of purchase. Financial institutions generally prefer that applicants pay a deposit when purchasing a property. The deposit size will vary depending on type of property. Anything from 5% for a residential property to 40% for agricultural properties may be required. In certain instances banks will approve 100% bonds. Ask your Property.CoZa estate agent to assist you with the process. They can also request that one of Property.CoZa Financial Services’ (PFS) bond originator consultants contact you directly to assist you with advice, even before you make an offer on a property. They are linked directly with the financial institutions and can assist you with the full bond application process, from pre-assessment all the way to a final grant.
It is also very important to remember that transfer fees (including transfer duties) will be payable with most property purchases. The amount for transfer fees will depend on the purchase price of the property. Bond registration fees will also be payable in instances where a bond is used to finance the property.
Ask your estate agent to assist by providing a quote from a transfer attorney before you make an offer on a property.
Property.CoZa offers bond origination through Property.CoZa Financial Services, linked to all four major banks as well as SA Home Loans. Kindly complete the form below and one of our Home Loan consultants will be in contact with you as soon as possible.
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